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Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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Short-Term Deferral Day is Right Around the Corner
Section 409A, the provision of the Internal Revenue Code that regulates the time and form of payment of nonqualified deferred compensation, contains a helpful exception for “short-term deferrals.” Specifically, Section 409A provides that a payment will not be considered nonqualified … Continue reading
Posted in Employee Benefits, Executive Compensation
| Tagged 409A, annual incentive, Code Section 409A, deadline, deferred compensation, Internal Revenue Code, IRC, March 15, short term deferral
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SEC Approves Nasdaq’s Board Diversity Rules
On August 6, 2021, the Securities and Exchange Commission (“SEC”) adopted the Nasdaq Stock Market LLC’s (“Nasdaq”) proposed board diversity rule. The rule is intended to encourage greater board diversity by requiring board diversity disclosures for Nasdaq-listed companies. As explained … Continue reading
Posted in Employee Benefits
| Tagged Corporate Communicator, diversity, equity, inclusion, Nasdaq, SEC
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Updated Nonqualified Deferred Compensation Plan Audit Guide
In June the Internal Revenue Service released an updated Nonqualified Deferred Compensation Audit Technique Guide. This updated Guide replaces the initial Guide published in 2015. While it is too early to say whether the release of the updated guidance signals … Continue reading
Posted in Employee Benefits, Executive Compensation
| Tagged 409A, nonqualified deferred compensation, Section 409A
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CalCurrent Podcast and Equity Compensation for Startups
On May 13, 2021, Phoenix executive compensation and employee benefits partner, Greg Gautam, joined Snell & Wilmer’s “CalCurrent” podcast. On his episode, Greg covered five common pitfalls private companies and startup companies should watch out for when structuring their equity … Continue reading
Posted in Employee Benefits, Executive Compensation, Qualified Retirement Plans
| Tagged calcurrent, equity compensation, incentive programs, podcast, private company, startup
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Certain Information Statements for ISOs and ESPPs Due by January 31, 2021
As reported in Part 3 of our 2020 End of Year Plan Sponsor “To Do” List, Section 6039 of the Internal Revenue Code (the “Code”) requires employers to provide a written information statement to each employee or former employee and … Continue reading
Posted in Employee Benefits
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COVID-19-Related Cancellations of NQDC Elections
As a general matter, deferral elections under non-qualified deferred compensation plans (“NQDCs”) cannot be cancelled unless a NQDC plan participant incurs an “unforeseeable emergency” or “disability” as each such term is defined in Section 409A of the Internal Revenue Code. … Continue reading
Posted in Executive Compensation
| Tagged CARES Act, covid-19, elections, furlough, lay off, nonqualified deferred compensation, nqdc, reduction in hours
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In Case You Missed It … Recent Posts From the SW Benefits Update
We periodically consolidate our prior blog posts and push them out as a single package to help individuals catch up on what they might have missed with respect to important health and welfare, qualified retirement plan, and executive compensation issues. … Continue reading
Posted in Employee Benefits, Executive Compensation, Health & Welfare Plans, Health Care Reform, Qualified Retirement Plans
| Tagged blog, CARES Act, covid-19, Executive Compensation, health and welfare, retirement plan, roundup
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IRS Continues to Extend Key Filing Deadlines in Response to COVID-19
On April 9. 2020, the Internal Revenue Service (the “IRS”) issued Notice 2020-23, which extends a number of key filing deadlines in the wake of the COVID-19 pandemic. The guidance provides welcome relief to individuals and plan sponsors who must … Continue reading
Posted in Employee Benefits, Executive Compensation, Qualified Retirement Plans
| Tagged 5500 deadline, form 990, notice 2020-23, Section 83(b) election
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Updated Glass Lewis Proxy Voting Guidelines
I previously blogged about certain compensation related updates to ISS’ proxy voting guidelines for 2020. With proxy season in full swing, I wanted to highlight some important compensation related changes to the Glass Lewis 2020 voting guidelines, a full copy … Continue reading
Posted in Executive Compensation
| Tagged change in control, compensation, discretion, Glass Lewis, incetnvei plans, ISS, proxy, shareholder
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